Markets continue to gyrate between a risk-on/risk-off approach and with the added influence of its dollar denomination, XAUUSD is no exception.
Our long-term outlook remains positive with the weekly chart highlighting the presence of a bullish flag formation, with an expectation of a break higher. This may take a while to play out and can accept a move to well below the $1,300 support (even $1,280) without being impacted.
The recent rejection from resistance at $1,242 looks to be gathering pace and momentum should result in a test of the support above $1,300. This highlights a fair risk/reward opportunity for today.
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Prices have reached target and we may see a reaction from here